I do not think ArcGIS should be your software of choice for producing proper LAS files because Esri added support for LiDAR very late and was not a contributing partner of the LAS community.
Although ArcGIS can now consume LAS files and generate a number of derivatives, I would advise you to stick with LiDAR softwares that are specialized in producing specification-compliant LAS or LAZ files. There are many ways one can get this wrong and generate less-than-optimal LAS files.
If you insist on doing it within ArcGIS then you could have a look at our LAStools toolbox for ArcGIS and the free and open source 'txt2las' tool.
Disclaimer: I am the developer of LAStools.